Here is the Tool update.
Maynard James Keenan recorded an album with APC that was all covers. It came out last fall and they also put out a DVD of all their music videos. Emotive and Amotion.
Shortly after the Lateralus tour, the band hit the studio for a week or two and recorded the beginnings of quite a few songs. They took some time off, then returned to the studio and have been working on the music. After the APC tour ended, Maynard hit the studio to put down some lyrics.
They have a DVD in post production that is rumored to be released in the near future. Likely 2-3 months before their next CD is released.
I wouldn't count on the new album this year, next year is more likely and a tour will follow.